I suspect one reason why toggle switches became widespread, aside from touch interface cargo-culting, is that in contexts like the iOS Settings app, they can fit the pattern of label-on-the-left, control-on-the-right, whereas checkboxes (and radio buttons) need to be on the left of the label, unlike other controls. (Or on the right for RTL languages, I suppose.) Checkboxes can thus require a little more consideration in how to layout a dialog.

I still believe that checkboxes are the better control, because they can be toggled with a single click/tap without having the conceptual disconnect that a physical sliding toggle implies that you would need to drag it across, and because the checkbox state is visually unambiguous regardless of coloring (and 1/0 labelling).

With checkboxes, there is also the general convention that clicking on the label (and anywhere between the checkbox and the label) toggles the checkbox, meaning a larger click target (this is one thing that <label for=…> achieves in HTML, by the way), whereas for sliding toggles this is not a common convention, making them less convenient to use with a pointing device.

Another benefit of checkboxes is that the label is always directly adjacent to the checkbox, meaning you don’t need any extra visual aids (horizontal lines, more vertical whitespace) to prevent confusion about which control goes with which label, which can be an issue when there’s a lot of horizontal whitespace between label and control in a list of controls.